Consumer Blog
Payday loan stores targeting seniors
Seniors groups have long been among the critics of payday lenders, and here's more reason for them to be alarmed.
A recent study says payday loan operators are setting up shop near senior populations. It's long been documented that there's a large number of stores in minority and low-income neighborhoods and military bases. One reason, as the article explains, payday lenders like seniors is they have a very reliable paycheck: Social Security.
AG Nixon for years now has been calling for an overhaul of Missouri's payday loan laws, which are among the most permissive in the nation.
Technorati Tags: payday lender, payday loan, predatory lending, moagoconsumer, consumer protection
Posted by on February 20, 2008 4:52 pm :: Comments (3) :: Permalink
3 Responses to "Payday loan stores targeting seniors"
says:
February 25, 2008 4:11 pm
We seniors have been on this earth long enough to know the difference between a service and a scam. I get a social security check once a month and sometimes I need a little extra cash in the middle of the month, I don't need any of you young folks telling me that I can't use the service. I pay $30 for a $200 loan. I have been alive long enough to know how I want to spend my $30. I have heard terms like predatory lending, well I have never been attacked or eaten while getting a loan so I don't know what you people are talking about. What is this world coming to if payday loans is a major topic of conversation? I care as much about this conversation as I do about Brittany Spears' haircut! What is wrong with the youth of today?
says:
February 26, 2008 8:51 am
Hey Grant,
Great post.
Where can I read your equally deep entry on Brittany Spears' haircut?
Thanks.
says:
February 28, 2008 2:17 pm
keep on going missouri and all your retirees will come to florida where there is protection
